Legal Question in Credit and Debt Law in New York

Credit Obligations regarding Inherited Real Estate

I recently inherited joint ownership of a house. My co-owner is the executor of the entire estate and also inherited a small sum of money and other possessions. I have just been informed that property taxes have not been paid on this property since October, 2004. Since my name is on the bond, I realize I am liable for them. I am wondering how this non-payment of taxes will affect my credit and also, if it is prudent to clear up this debt now or when the property is sold six months from now.


Asked on 3/29/05, 6:06 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Credit Obligations regarding Inherited Real Estate

It is difficult for an attorney to advise you to leave a tax bill unpaid, since continued non-payment of taxes might result in a tax foreclosure action. My guess is that nothing will happen within the next 6 months..but you can never know. It is prudent to pay the back taxes (fines and interest are accruing anyway) and be sure that there will be no problems are the eventual closing.

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Answered on 3/30/05, 1:32 pm


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